Farm equipment maker Buhler Industries has made a deal with its majority owner that will take the Winnipeg company private, delisting it from the TSX.
Buhler, whose shares first started publicly trading in 1994, announced Feb. 11 it will enter an amalgamation agreement with Turkish holding company Asko, which today owns about 96.7 per cent of Buhler’s TSX-traded stock.
The deal — subject to minority shareholder approval at a meeting to be held March 28 — calls for Asko to transfer its shares to a new company, which would then amalgamate with Buhler and buy up all remaining outstanding Buhler shares for $7.30 each. The new company would continue to operate as a privately-held subsidiary of Asko.
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Buhler makes the Versatile line of tractors and tillage equipment as well as Farm King implements such as augers, mowers, bale carriers and snowblowers. The company was founded in 1969 by John Buhler, who bought Standard Engine Gas Works at Morden, Man. in 1969, and renamed that business Farm King. The Versatile business came to Buhler in 2000.
Buhler, who passed away last Dec. 21, in 2007 sold a majority stake in the company to Russian ag equipment maker Rostselmash. Asko, the owner of farm equipment maker Basak Traktor, took over that stake in late 2023. — D.B.
